Marketing intelligence helps us understand the market landscape and make better business decisions.
• Marketing intelligence is a series of data-driven strategies and tactics that help to understand the market landscape and make better business decisions.
• Collect data, use it to predict future happenings, test your data to see which variables work, then apply the findings to you business.
Marketing intelligence strategies will make you start to think differently, from focusing on daily marketing practice to strategic marketing planning.
According to Vincent Deng, senior marketing intelligence manager for OnCourse Learning, marketing intelligence is a series of data-driven strategies and tactics that help to understand the market landscape and make better business decisions.
Why is that important in a business’ marketing strategy?
Data-driven tactics and strategies are the soul of marketing intelligence. They encourage companies using facts and data to make decisions instead of emotional judgment or personal preference.
Below are several data analytics tips to help with your business marketing strategy:
Tip No 1.: Collect your business data earlier.
The goal is to have a better idea of the whole picture through a large data sample. It’s too late to collect the data when you decide to use it. Set up a data collection plan at the beginning, and you will be able to have a full track of your business journey. Google Analytics Notes is a helpful step-by-step guide to put Google Analytics on your website. It only takes 10 minutes.
Tip No. 2: Predict the future by learning the past.
Indeed, things might be different from the past, but it’s most likely to still follow some patterns. Read the historical data, learn the pattern behaviors and then apply them into the future practices. One way to do that is to use Google Trends to understand your business industry and your personal brand.
Tip No. 3: A/B testing: Only test one variable at a time.
You can test multiple things but not in one experiment; otherwise, you will not be able to tell which one works. Instead, run three A/B tests to test out three different variables. It’s always better to isolate your variables. For instance, test the email subject line in one experiment. Then set up a separate A/B test for a call-to-action button. Mailchimp is a good tool to run small A/B tests.
Tip No. 4: Analytics is only analytics if we don’t do anything about it.
Don’t be the person to collect data, run tons of analyses and just let them sit there. Apply what you learn to your business. Let the information you gathered generate hard cash for you. If you are hesitant to apply the new findings to the entire business, test it out first with a small pilot project. Use Optimizely to control the portion of the business (mobile users, only, for example) where changes will be applied.
From “Maximize Your Marketing: Top tips and strategies for real estate professionals,” OnCourse Learning, 2017.